Westcorp Announces Completion of Common Stock Offering; Exercise of Underwriters' Option

    IRVINE, Calif.--July 8, 2003--Westcorp today announced the successful completion of the sale of 4.6 million additional shares of its common stock. The offering was increased from its original size of 3.8 million shares due to strong investor demand. The sale was completed at a price of $28 per share, less the underwriting discount.
    Westcorp also announced that the underwriters have elected to exercise their option to purchase 674,000 additional shares of its common stock at $28 per share, less the underwriting discount. Credit Suisse First Boston LLC; Goldman, Sachs & Co.; Bear, Stearns & Co. Inc.; and JMP Securities LLC acted as the underwriters for the offering.
    Westcorp also sold 700,000 shares of its common stock to affiliates of Ernest Rady, chairman of the board of directors and chief executive officer of Westcorp, and 130,000 shares of its common stock to its Employee Stock Ownership Plan. These transactions were completed concurrently with the public share offering and at the same price of $28 per share.
    As a result of these transactions, the company raised additional capital of approximately $164 million and issued a total of 6.1 million additional shares of its common stock.
    Westcorp is a financial services holding company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank. Westcorp is a publicly owned company whose common stock is traded on the New York Stock Exchange under the symbol WES.
    Westcorp, through its subsidiary, WFS Financial, is one of the nation's largest independent automobile finance companies. WFS Financial specializes in originating, securitizing, and servicing new and pre-owned prime and non-prime credit quality automobile contracts through its nationwide relationships with automobile dealers. Information about WFS Financial can be found at its Web site at http://www.wfsfinancial.com.
    Westcorp, through its subsidiary, Western Financial Bank, operates 18 retail bank branches and provides commercial banking services in Southern California. Information on the products and services offered by the bank can be found at its Web site at http://www.wfb.com.